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EUR Tries To Rise, GBP Trades With High Volatility

EUR Tries To Rise, GBP Trades With High Volatility

EUR/USD

EUR/USD pair is trying to rise once again, however, this rise is still limited in levels below 1.1070 resistance, and any trading below 1.1200 will force us to keep our negative expectations no matter what volatility happens.

EUR/USD Daily Chart

Signs of weakness in the downward trend appears on the technical indicators, but we believe that the chances of the bearish trend will remain valid based on the break of the ascending channel previously.

In addition, the bearish long candlestick formed on Friday is supportive of negative expectations. From the downside, target price is located at 1.0935, while breaking it could signal downward trend extension significantly.

  • Support: 1.1000 – 1.0935 – 1.0755
  • Resistance: 1.1070 – 1.1150 – 1.1200

Direction: Negative below 1.1070, targeting 1.0940 and 1.0755, as long as trading below 1.1200.

GBP/USD

GBP/USD pair is trading with high volatility. However, trading below 1.3515 makes us hold onto our negative expectations.

GBP/USD Daily Chart

There is an increase in the forces of the downward trend, according to the ADX. Moreover, RSI indicator is still declining despite the proximity of the 30-point line. Therefore, we hold onto our negative expectations, pointing to the possibility of a new attempt to break 1.3105 level.

Breaking 1.3105 presented by 161.8% Fibonacci extension may be a signal to downward trend extension.

  • Support: 1.3105 – 1.3000 – 1.2875
  • Resistance: 1.3375 – 1.3515 – 1.3680

Direction: Negative below 1.3515, targeting 1.3105 and 1.3000, as long as trading below 1.3835.

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